Share

Frankfurt Stock Exchange keeps Steinhoff shares trading

Cape Town - The Frankfurt Stock Exchange, where global furniture retailer Steinhoff has its primary listing, said on Friday afternoon it was not considering halting the trade in Steinhoff's shares. 

The SA-headquartered and Dutch-registered retailer’s stock share price has plunged over the past three days in the wake of the abrupt resignation of its CEO Markus Jooste on Tuesday evening, and the announcement of an internal probe by PwC. 

But like the JSE, where it has a secondary listing, the FSE said Steinhoff would continue trading. 

Patrick Kalbhenn, spokesperson for Deutsche Börse AG, told Fin24 that “a sharp decline alone is no reason for a trading suspension”.

He added that, in general, the only reasons for a trade suspension at the FSE were technical and connection faults, information imbalances and indications of market manipulation

READ: A Steinhoff guide for dummies - where it all started

Earlier on Friday the JSE said it had decided not to suspend the listing or halt trading, saying there is at this stage “no compelling reasons to do so”.

“Should any instances of potential market abuse be reported or identified, the JSE will, in accordance with its regulatory duties and responsibilities, refer these to the Directorate of Market Abuse at the Financial Services Board,” it said in a statement. 

“The JSE will continue to engage with the company and its sponsor and will monitor developments to ensure the integrity of its market.”

Steinhoff International has lost over 80% of its market capitalisation since the announcement of the PwC probe into unspecified accounting irregularities, wiping tens of billions of rands off the JSE. 

Its share price has fallen from R46.24 at close of trade on Tuesday to R7.27 at 16:20 on Friday.  


* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.48
-0.1%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
911.60
+1.6%
Palladium
1,012.97
+1.1%
Gold
2,214.54
+0.9%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders